Meta's advertising revenue witnesses 23% growth

Overall, in 2023, the tech company's advertising revenue was $131.95 bn.

Meta's advertising revenue has grown by 23%, from $31.25 bn to $38.71 bn, in the October to December quarter, year-on-year. Overall, in 2022, the tech company's advertising revenue was $113.64 bn. It grew to $131.95 bn in 2023.

Meta reported a fourth-quarter revenue of $40.1 billion. The announcement aligns with Meta's broader strategy, in common with other major tech companies, to incorporate artificial intelligence tools into its fundamental products.

Mark Zuckerberg, Meta founder and CEO, in a statement accompanying the report, said, "We had a good quarter as our community and business continue to grow. We've made a lot of progress on our vision for advancing AI and the metaverse." 

The company said Facebook's monthly users stood at 3.07 billion people, 20 years after the platform was founded.